Q2 2024 Gogoro Inc Earnings Call Transcript
Key Points
- Gogoro Inc (GGR) announced two substantial investments totaling $100 million, with $75 million received in cash.
- The company entered into an MOU with Sumitomo Corp. and Sumitomo Mitsui Finance and Leasing Company to facilitate a more asset-light international expansion.
- Gogoro Inc (GGR) continues to lead the transformation of two-wheel urban transportation, expanding its leadership in Taiwan and other markets.
- The company has over 608,000 accumulated subscribers and $34.7 million in battery swapping service revenue, showing healthy revenue growth.
- Gogoro Inc (GGR) is actively developing joint strategic initiatives with Castrol, Sumitomo, and SMFL, which are expected to create new business opportunities and revenue streams.
- The overall Taiwan two-wheeler market is down 4.4% year-to-date, impacting Gogoro Inc (GGR)'s sales figures.
- The high sales volume of the JEGO model resulted in a lower average selling price and consequently, lower overall revenue.
- Gogoro Inc (GGR) is still operating at a loss and investing heavily for growth, which requires substantial capital and operational spending.
- The delay in the finalization of India's FAME III subsidy policy has pushed expected revenue from India to 2025.
- Gross margin declined to 5.2% from 15.2% in the same quarter last year, primarily due to derecognition expenses, increased depreciation, and a decrease in ASP.
Welcome to the Gogoro Inc. 2024 Q2 earnings call. This conference call is now being recorded and broadcasted live over the Internet. Webcast replay will be available within an hour after the conference is finished. I'll now like to turn the call over to Gogoro team.
Welcome to Gogoro's 2024 Q2 earnings conference call, hosted by our CEO, Horace Luke; and CFO, Bruce Aitken. Hopefully, by now you've seen our earnings release. If you haven't, it is available on the Investor Relations tab of our website, investor.gogoro.com.
We are hosting our earnings conference call via live webcast through Gogoro's website, where you can also download all the earnings release materials. We will also be displaying the materials on the webcast screen as we go. (Operator Instructions) After Horace provide some of the business highlights from Q2, Bruce will go deeper into the Q2 financial results, and then we will open the line for Q&A and answer as many questions as time allows.
As usual, we would like to remind everyone that today's
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